Income Tax Assessment Act 1997
View history note
Hide history noteSECTION 276-20 Trust with classes of membership interests - each class treated as separate AMIT 276-20(1)
Subsections (2) and (3) apply if:
(a) the *membership interests in an *AMIT for an income year are divided into classes; and
(b) the rights arising from each of those membership interests in a particular class are the same as the rights arising from every other of those membership interests in that class; and
(c) each of those membership interests in a particular class is distinct from each of those membership interests in another class; and
(d) the trustee of the AMIT has made a choice for the purposes of this paragraph that applies to the income year.
276-20(2)
For the purposes of this Division (other than this Subdivision), treat each class of those *membership interests in the *AMIT as being a separate AMIT for that income year.
276-20(3)
For the purposes of this Division, allocate assessable income, *exempt income, *non-assessable non-exempt income, *tax losses, *net capital losses and other similar amounts in respect of the *AMIT between each of the separate classes mentioned in subsection (1) on a fair and reasonable basis.
Making of choice by trustee
276-20(4)
A choice for the purposes of paragraph (1)(d) applies to the income year for which it is made and every subsequent income year.
276-20(5)
A choice for the purposes of paragraph (1)(d) cannot be revoked.
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